An industrial estate in north Nottinghamshire developed to address the need for more high quality starter units is nearly fully let after being released to market earlier this year.
Strawsons Property, a family-owned firm based in Retford, speculatively developed some 36,000 sq ft of industrial space at Old Mill Lane in Mansfield Woodhouse in response to the lack of stock available in the market – a move that has been rewarded with a strong take up.
Stuart Waite, associate director at Innes England, is marketing the scheme and has agreed terms on 70 per cent of the available stock including two 4,000 sq ft units.
New tenants include construction firm RKP Developments and GK Motors, a family-run car sales business, who have both taken 4,000 sq ft. Diamante Crafts & Pro Shrimp Ltd have also taken units within the last two months.
He said: “There is a really strong demand for good quality smaller industrial units in north Nottinghamshire, but there has been a lack of supply, which Strawsons has addressed at Old Mill Lane.
“Speculative development has been steadily making a return across the East Midlands and the strong interest in this site is illustrative of the fact that those taking the risk are being rewarded.
“The units are being snapped up, and the headline rents being achieved reflect the underlying demand for units of this size in the area. The addition of developments such as this are a real positive for the market and offers suitable accommodation for SMEs which have been struggling to find good quality space recently.”
The development includes 21 light industrial / warehouse units with those remaining varying from 1,246 to 1,948 sq ft.
WA Barnes in Mansfield act as joint agents on the scheme.